GDP growth in FY22 reaches 7.10pc, per capita income $2,793

The Gross Domestic Product (GDP) growth rate in the country in the last fiscal year (FY22) reached a healthy 7.10 per cent braving the shocks from the COVID-19 pandemic and the Russia-Ukraine conflict.

The GDP growth rate in the country in FY21 was 6.94 per cent up from 3.45 per cent notched in FY20. The GDP growth rate in the country in FY19 was a healthy 7.88 per cent.

According to the latest data of the Bangladesh Bureau of Statistics (BBS) issued on Sunday, the per capita income in the country in the last fiscal year (FY22) totaled $2,793 up from $2,591 recorded in FY21. The per capita income in FY20 was $2,326 up from $2,209 in FY19.

Talking to BSS, Planning Minister MA Mannan on Sunday said that the latest GDP growth figures of Bangladesh was very good as he termed it as ‘outstanding’ considering the current global condition.

He said amid the current global situation mostly because of the Russia-Ukraine conflict and the shocks of the COVID-19 pandemic, the figures were pretty good. “I was not surprised to see the figures amid the current global condition. The internal force has played its due role behind such performance,”

Mannan also noted that the strong labour force both domestically and in abroad has been continuing to give solid foundation to the economy.

He also hoped that the GDP growth rate in the current fiscal year and also in the next fiscal year would continue to keep up the current momentum despite the downward predictions by the development partners.

The BBS statistics showed that the GDP size of Bangladesh in constant prices in the last fiscal year (FY22) reached Taka 3,03,51,496 million  up from Tk 2,83,39,444 million recorded in FY21.

Analyzing the sectoral share of GDP at constant prices, it was found that services sector still continue to enjoy the lion share with 51.48 per cent followed by industry sector with 36.92 per cent and agriculture sector with 11.61 percent.

If considered the sectoral growth rate of GDP at constant prices, the industry sector, however, witnessed the highest growth with 9.86 per cent in the last fiscal year followed by services sector with 6.26 percent and agriculture sector with 3.05 percent.

The BBS figures also showed that the investment ratio to GDP in the last fiscal year increased to 32.05 per cent compared to 31.02 percent in FY21. Out of that, the private investment ratio to GDP increased to 24.52 per cent while the public investment ratio to GDP also enhanced to 7.53 per cent in the last fiscal year.